According to a survey by Americas Markets Intelligence, Argentines are very interested in cryptocurrencies. According to data from the study, more than one in ten Argentines has made some kind of crypto investment. Additionally, 18% of respondents said they are interested in buying cryptocurrencies in the future.

Crypto Adoption Boom in Argentina

A recent report published by Americas Markets Intelligence shows significant growth in cryptocurrency adoption in Argentina. The poll, conducted last year by polling 400 different users via smartphone, revealed that 12 out of 100 Argentines had invested in crypto last year. Although this number may seem low, it is actually higher than statistics for other countries in South America. Brazil achieved 7% acceptance while Mexico had 6%.

The country also surpassed the average adoption rate in Latam, which was 8%. This is explained by several reasons arising from the economic characteristics of the country, where inflation and monetary restrictions have been affecting the population for years. However, the adoption percentage in Argentina is below the 16% in the US


reasons for growth

The study analyzed the possible reasons why this growth in Argentina is ahead of the overall growth in South America and found three reasons that together could explain the boom that crypto has seen in the Argentine and Latin American markets. The first has to do with the high degree of digitization that these societies exhibit compared to the low acceptance of banking. The report states:

Persistent distrust of banks has limited the growth of digitization and sustained the use of cash, despite consumers being comfortable with digital tools.

Another important factor has to do with inflation and monetary volatility in the country, making cryptocurrencies like Bitcoin and Ethereum interesting investment and savings opportunities even when they are highly volatile. The third reason has to do with remittances and the percentage that Argentines have to pay for sending and receiving remittances, which is 5.5%. The use of cryptocurrencies bypasses these platforms and allows users to move their funds at almost no cost.

The study also sees potential in the future growth of crypto as an investment product. 18% of respondents indicated that they have an interest in investing in crypto in the future, although they have never done so before. Of these, 54% said protecting their savings is a key benefit of cryptocurrencies.

What are your thoughts on the crypto interest boom in Argentina? Tell us in the comment section below.

sergio@bitcoin.com'

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price surge took place in December 2017. He has a computer engineer background, lives in Venezuela and is socially affected by the cryptocurrency boom. He offers a different take on crypto’s success and how it’s helping those who are unbanked and underserved.

photo credit: Shutterstock, Pixabay, WikiCommons

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